Avocet Mining PLC Prospectus December 2011

c105718pu050 Proof 5: 7.12.11_13:41 B/L Revision:
13. FINANCE INCOME AND EXPENSE
31 March 31 December 31 December 30 June
2009 2009 2010 2011
(12 months) (9 months) (12 months) (6 months)
US$000 US$000 US$000 US$000
Finance income
Bank interest received 3,163 393 5 —
Finance expense
Bank interest paid — 476 3,059 2,159
Other finance costs — — 1,707 873
— 476 4,766 3,032
14. TAXATION
31 March 31 December 31 December 30 June
2009 2009 2010 2011
(12 months) (9 months) (12 months) (6 months)
US$000 US$000 US$000 US$000
Current Tax:
Corporation tax on profit for the period (404) — — —
Overseas tax 69 1,603 4,468 4,220
Deferred tax 9,982 485 10,869 3,105
Tax charge for the period 9,647 2,088 15,337 7,325
Profit/(loss) for the period before tax 33,879 (10,555) 33,549 117,294
Profit for the period multiplied by the UK
standard rate of corporation tax (27 1 per cent
for six months ended 30 June 2011 (28 per cent
for the 12 months ended 31 December 2010,
28 per cent for the 12 months ended
31 December 2010, 28 per cent for the 9 months
ended 31 March 2009) 9,486 (2,955) 9,394 31,669
Effects of :
Disallowable expenses (77) 308 4,585 6,710
Non-recoverable write-off of exploration costs 899 2,936 —
Tax losses not utilised/(utilisation of unused tax
losses) 396 2,215 (4,298) (12,469)
Difference in local tax rate — (416) (2,489) (901)
Gains not taxable (653) — (1,418) (22,085)
Withholding tax suffered on dividends from
subsidiary — — — 865
Adjustment in respect of prior periods (404) — (1,306) 431
Deferred tax — 10,869 3,105
Tax charge for the period 9,647 2,088 15,337 7,325
1 The UK standard rate of corporation tax reduced from 28 per cent to 26 per cent on 1 April 2011. The disclosures reflect the
average rate across the 6 months to 30 June 2011.
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